Global stocks ended lower on Friday, relinquishing gains and recording another week of losses, driven by a weaker-than-expected November jobs report in the US, the possibility of the Federal Reserve tamping down inflation earlier than thought, and the expected impacts of the Omicron variant of the coronavirus.
In stocks, U.S. listed shares of Chinese companies fell into focus on Friday, after Chinese ride hailing giant Didi Global said it will delist from the NYSE less than six months after its IPO on pressure from Beijing. Didi shares fell 22.17%, losing about $8.4 billion in market value. At their Friday close of $6.07, Didi shares have fallen about 57% since their June 30 IPO price.
In Europe, economic data showed inflation surged, with Germany’s hitting highest in decades. But the European Central bank has maintained its ‘transitory’ inflation stance.
In commodities, the yield on the 10-year Treasury note fell Friday and registered its largest weekly decline since June 2020, as investors anticipated slower economic growth next year. Both oil and gold futures rose.
In currencies, the US dollar reversed gains and dropped against the safe-haven yen and Swiss franc. Meanwhile, Turkey’s volatile lira edged to record lows on Friday, triggering direct central bank intervention to sell dollars.
